There’s no denying that trying to secure car loans in Toronto, as well as car shopping can be a frustrating and entirely consuming process. Everyone is looking for a way to make things easier and more manageable. Conveniences abound today, and some can really help make you life easier to manage.
Does that mean using the same location for getting a loan approval and purchasing the car is ideal?
We explore just what advantages come with such an arrangement. Armed with this knowledge, you’ll see why going with this kind of an option the next time you need a car is a good idea.
One Stop Destination
Long ago it used to be that people would go to a butcher shop to get their meat, a dairy to get milk and cheese, a separate market to buy fresh fruits and vegetables, the bakery to get bread, and so forth. Then grocery stores came into existence, offering all these food options and plenty more under one roof. That level of convenience helped shoppers to save time.
When it comes to getting car loans in Toronto, you might be wondering if buying a car in the same place where you get the financing is a good idea. While buying a vehicle isn’t the same as shopping for groceries, the idea can seem similar.
Is buying a car from the same place where you get the loan wise? It’s a good question that’s definitely worth answering thoroughly.
If you haven’t ever been car shopping or it’s been a while, you might not realize just how much time the process consumes. It’s one of the reasons why people don’t look forward to getting a new vehicle, even when its’ a necessary thing to do.
When you plan on getting car loans in Toronto, that can involve physically going to several different banks or credit unions. Once there, you must fill out long forms that ask for all kinds of information, which you hopefully have on hand.
If you have some experience, then you knew in advance what the lender wanted you to bring, or you thought to call and ask beforehand. If not, you might need to leave, gather some paperwork together, and return later. That means even more time spent on the task.
Once you’ve submitted everything necessary for the loan application, you might need to wait a while before being approved for any car loans in Toronto. Sometimes the approval comes through immediately, but if your credit isn’t perfect or there are any questionable items in your application, the lender might want to spend more time reviewing everything thoroughly. That means more time spent waiting to find out if you’re approved or not.
Then there’s the process of finding the right car. Once you’ve been approved for car loans in Toronto, you’ll know just how much you can realistically spend. Until then, shopping for a car would be like shooting in the dark. You might end up falling in love with an optional which is well beyond your approval amount from a lender, meaning you must start completely over on the process.
Because cars are sold at dealerships, which are scattered around the area, you can spend quite a long time just traveling from one dealer to the next.
Dealerships usually don’t have the goal of getting you in and out in a hurry. They’ll offer you a drink, maybe a snack, help you get comfortable, and then proceed to drag their feet. That can include taking a ridiculously long time just to get the keys for a specific car, the sales associate you’re working with constantly need to talk to the manager about your requests or questions, and so on.
As you can imagine, you might spend days upon days just to find the right car at the right price. That’s after going through the process of getting one of the car loans for Toronto shoppers. Your time has value, so spending it in this way can be frustrating beyond belief.
You don’t have to settle for the runaround when it comes to buying a car. Some people think enduring hassles is just a part of getting a new or used car, but it doesn’t need to be.
It’s possible to get car loans in Toronto at the same place where you buy the actual vehicle. Going that route can change everything about your car shopping experience. You might even wonder afterward why you didn’t use that method for all your previous purchases.
One of the biggest advantages to this approach is that you save time. Just like going to the grocery store for all your food, showing up at a single location for a car and the loan to purchase it means less time spent on the process.
We all lead busy lives, so everyone can stand to save some time. Considering how much energy car shopping can consume, this is a smart decision. What would you do with an extra day or more? Maybe enjoy more relaxation? Take a short trip? Be around family?
Instead of having to line up the right loan with the right car, it all comes together at once. In some situations you might get approved for the loan and finalize the sale of the vehicle in the same day.
Going to a place where you can buy a car and get car loans for Toronto shoppers can lead to a much more streamlined approval process. That efficiency can translate into less time spent on the process, less worry on your end, and the ability to get back to your normal life much sooner.
The one-stop shop for all your needs comes with some nice conveniences, to be sure. One is that the company can help you to put together a strong application for credit, instead of you just filling out the boring, long forms all by yourself.
Since these professionals work with car loans every day, they’re familiar with the process on a level you’ll likely never achieve. Leaning on their expertise can help you to include everything necessary to make the approval process move faster, so you’re waiting less time. That by itself can really cut down on your anxiety, making the whole car shopping process that much more pleasant.
Motivation for Approval
When you buy a car from the same place where you get the car loan, the likelihood you’ll be approved usually increases dramatically. After all, dealerships make money by actually selling cars. While following laws and regulations, they will do what it takes to ensure you get a car. It’s also in their best interest that you get the best car possible, ideally the one you really want, because they can potentially earn your repeat business.
Since most people don’t have enough cash sitting to purchase a car outright, that means each vehicle sold at a dealership needs to be financed. Perhaps you’re one of the lucky few who does have the kind of savings to just buy a car. If not, this really impacts your decision.
Going directly to a lender like a bank or credit union doesn’t come with that same level of motivation to get you approved. While lenders make money off issuing car loans in Toronto, they don’t enjoy any of the benefit of actually selling the car. Sometimes it even feels like certain lenders are looking for any reason to not extend credit to applicants, which can be a truly disappointing thing to deal with.
Buying your car where you get the loan usually means the company works with an array of lenders. Some dealers have working relationships with dozens of different banks and credit unions. Their finance specialists might be on a first name basis with people who work for the lender, so there’s a level of trust you simply don’t enjoy.
Dealers often are so acquainted with the lenders they use, they know which ones are more willing to work with you and your situation. That means instead of wasting time trying to line you up with a lender which won’t line up with what you need, they can go straight to the ones which likely will.
In addition, dealers also know what kinds of cars these lenders are more comfortable approving loans for, including the age and condition of the vehicle. The retailer will work their hardest to line you up with the ideal situation for a specific lender, dramatically increasing your chances of an approval. It’s a great way to speed up the whole car shopping process, instead of waiting for approvals which don’t come through and looking at a dizzying number of options in an attempt to gauge which will work best for you.
You might not realize it, but places that sell cars and arrange for financing have access to resources you don’t even know exist.
The retailer has relationships with lenders which don’t deal with the public directly. These aren’t banks or credit unions you can go visit. If you find out their names and look them up online, there’s zero option for you to apply for credit. They like working with dealerships and other retailers for their business model for any number of reasons. The kinds of deals available through these exclusive lenders might be better suited for your situation, leading to superior terms on your car loan.
Dealerships and other car companies often establish solid relationships with lenders. They’re able to leverage those to get an approval which otherwise might not have come through. If you have a unique situation which requires a fair amount of explaining, the place selling you the car has a vested interest in making sure the lender understands everything thoroughly. Its’ a good way to hedge your bets when it comes to getting car loans in Toronto.
Those special relationships with lenders mean the place where you buy your car could have access t exclusive lending programs. Not available to the public at large, even if the lender deals with the consumers directly, these programs might address your specific situation, especially if you’ve had credit problems in the past and are looking to rebuild.
Leveraging resources you can’t find elsewhere can reduce quite a bit of the anxiety you feel about buying a car. If there are ways to secure a better deal on car loans for Toronto shoppers, why wouldn’t you take advantage of that opportunity?
It might not seem like the way to do it when you first set out, but getting cars and car loans in Toronto at the same place can really make the shopping process so much easier. You’ll spend less time on finding the right situation and the right vehicle, plus you’ll feel less anxiety about getting approved for the loan.
In addition, your chances of not being rejected for a loan go up, so all your efforts aren’t for nothing. It’s a great way to avoid the disappointment and feeling of loss when you pour so much into something that doesn’t provide the desired result.
Car shopping can be a lengthy, consuming process. Anything you can do to genuinely make it easier and quicker is a definite advantage.